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I am receiving a gift of $100,000 from a relative. Do I have

to pay a tac or...
I am receiving a gift of $100,000 from a relative. Do I have to pay a tac or file a gift return for this?
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Answered in 5 minutes by:
8/3/2012
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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You will not pay any tax or have to file a gift return on this gift. The giver will need to file a gift tax return.

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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Verified
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Customer reply replied 5 years ago
But the person is not a US Citizen.
That's okay. There is no US income tax for you, and no US gift tax for the giver because they are not under US jurisdiction.

If the gift was greater than 100,000 dollars you would need to report the transaction to the IRS on form 3520 part IV. Since the gift is 100,000 even, there is no report required on this form either.

Let me know if you need additional assistance.
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Phillip B, EA
Phillip B, EA
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